It has been reported that the new administration and transition team plan to introduce a number of tax cuts, as follows:
| - | reducing the corporate tax rate by 5% over 5 years. The corporate tax rate for taxable income exceeding KRW 100 million will be reduced from 25% to 20%, i.e. an annual reduction 1% over 5 years. Taxable income of not more than KRW 100 million is to be subject to a corporate tax rate of 12% in 200… |